It’s no secret that the healthcare industry is on the rise. From optometry to podiatry, there has been a steadily increasing demand for skilled healthcare providers over the past few years, and that demand is only expected to grow over the next decade. Furthermore, thanks to the changing medical climate revealed in the post-COVID world, we also have learned a significant amount about how we can approach treatment. While it’s tempting to want to open your own private practice in response to this need, it’s equally important to take a level-headed approach to it.
The fact is, your time at medical school can only teach you so much. Yes, it can provide you with all of the coursework to be the top doctor in your graduating class and know how to treat your patients with expert care, but afterward? You’re essentially on your own, and you’re also competing for coveted positions in prestigious research hospitals and smaller hometown clinics. Your classes don’t even begin to help educate you on the business side of things, especially for those of you who eventually wish to open your own private practice.
If you have been considering going the independent route as a healthcare provider, it’s understandable to feel daunted by the entire process. Not only does it come with quite a formidable amount of risk, but it also comes with the alluring promise of success — both financially and in job satisfaction. While it can certainly be a major step for you, by doing it correctly, you too can join the ranks of doctors who have successfully ventured out on their own in the private practice sector.
Know What Type of Practice You Want
Before you can open your new practice, you first need to know what type of practice you would like to open. Of course, if you have a neurology degree, it’s fairly obvious that you will aspire to open your own private neurology clinic. However, beyond that, there are several other various types of private practices you may want to look into. For instance, do you want to open a solo practice, with you acting as the only provider? Or do you want to start a group practice and share space with other doctors? These are all very important considerations before you begin.
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Obtain the Necessary Financing
After you determine what type of practice you would like to open, your next step is to start looking into obtaining the capital to actually secure a location for your business. You’ll want to draft a pro forma to help ensure that your practice can sustain itself. This will help you anticipate not only any expenses, but also future profits. Once you finalize that, you should then reach out to a banker to see about getting your funding to open your practice.
Speak to a Professional Consultant
Opening a private medical practice is vastly different than opening other types of businesses. Not only does it require an advanced degree of specialization, but it also comes with an elevated amount of risk, too. You do not want to attempt to do this without speaking to industry experts before you begin. Fortunately, professional healthcare consulting can help you navigate this tricky process, allowing you to avoid some of the more common pitfalls that could otherwise affect you and prevent you from achieving your goals.
Acquire a Location, Equipment, and Staff
Once you have your business plan, your financing, and your consultants on call, then your final step before you open your new practice is to start thinking about where you actually want it to be located. There are several things you should consider when selecting a location for your practice, such as traffic and visibility. You may find you want to choose a more boutique location instead of a more practical one. You will also need to purchase all necessary equipment needed to open your practice, as well. Finally, you’ll need to interview, hire, and train your new staff.
Going the private practice route can undoubtedly be extremely rewarding. Not only can you finally see all of your dreams of becoming a successful doctor come to fruition, but you can also experience the satisfaction of knowing that you are providing your patients with the highest quality of care possible, free from the constraints of working in public healthcare. If you’ve been aspiring to become an independent healthcare provider, and you’ve done the necessary prep work to start the process, then you can finally move forward with both the confidence and the knowledge to succeed in this new endeavor.